Types of Agency Relationships Quiz Attempt #3

Types of Agency Relationships Quiz Attempt #3

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*Types of Agency Relationships Quiz #4*
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*Customer-Level Service*

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Question 1 of 15

1. Question
The ______ has a fiduciary relationship toward the principal, and the brokerage is a dual agent in the transaction.
- dual agent
- single agent
- universal agent
- designated agent
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Question 2 of 15

2. Question
A real estate agent acting as a single agent does not owe fiduciary or statutory agency to_____
- a customer
- appraiser
- judge
- all of the above
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Question 3 of 15

3. Question
Which of the following best describes an option contract?:
- lateral contract nonbinding on the seller with an obligation to sell for a flexible price if the buyer decides to buy
- a bilateral contract with an obligation to sell for a set price if the buyer decides to buy
- unilateral contract binding on the seller with an obligation to sell for a set price if the buyer decides to buy
- none of the above
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Question 4 of 15

4. Question
A(n) ____________ allows someone to purchase a property on their own and not have to pay the buyers agent
- Exclusive-agency buyer agency contract
- Designated buyer agency contract
- open buyer-agency contract
- Exclusive- right-to-buy buyer agency contract
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Question 5 of 15

5. Question
When there is no formal oral or written agency contract with the buyer and the salesperson has unintentionally created an agency relationship with the buyers, what relationship is it?
- special agency relationship with the buyers
- implied agency relationship with the buyers
- univeral agency relationhsip with the buyers
- general agency relationship witht the buyers
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Question 6 of 15

6. Question
What kind of agent does a property manager become for the owner when he enters into a fiduciary agreement?
- Special agent
- General agent
- secret agent
- free agent
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Question 7 of 15

7. Question
A fiduciary
- is a third party consumer that is not represented by an agent but is still deserving of a particular level of service, fairness, and honesty.
- is an individual who is authorized to represent the interest of a buyer or seller in a transaction
- is a person who holds a legal and ethical position of confidence and owes trust and loyalty to another
- is a real estate licensee that works with the buyer and seller in a transaction but does not represent either party or their interests
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Question 8 of 15

8. Question
A non-agent
- is a principal in a real estate transaction
- is a person who holds a legal and ethical position of confidence and owes trust and loyalty to another
- is a real estate licensee that works with the buyer and seller in a transaction but does not represent either party or their interests
- is an individual who is authorized to represent the interest of a buyer or seller in a transaction
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Question 9 of 15

9. Question
____ are authorized to act on behalf of a broad range of business matters.
- General agents
- Principals
- Universal agents
- Clients
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Question 10 of 15

10. Question
The agency that is described as in-house sale where two agents of the same broker represent the seller and buyer individually is known as?
- Designated agency
- Assigned agency
- Appointed agency
- All of the answers are correct
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Question 11 of 15

11. Question
A written agency disclosure should be made:
- when an offer is made
- at earliest convenience
- when an counteroffer is made
- an open house
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Question 12 of 15

12. Question
An universal agent:
- Has unlimited authority being that they are permitted to do anything the principal could do personally
- Person who hold legal and ethical position of confidence and owes trust and loyalty to another
- Authorized to act on behalf of the principal for a broad range of business matters.
- Empowered to represent the principal in a single transaction
- None of the above
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Question 13 of 15

13. Question
Which of the following is the correct definition of a special agent?:
- Has unlimited authority being that they are permitted to do anything the principal could do personally
- Empowered to represent the principal in a single transaction
- Authorized to act on behalf of the principal for a broad range of business matters.
- Person who hold legal and ethical position of confidence and owes trust and loyalty to another
- None of the above
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Question 14 of 15

14. Question
A material fact is any fact a party _____ know and could be verified in public records under Georgia agency law.
- does not
- does
- should
- could not possibly know
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Question 15 of 15

15. Question
Which of the following best describes the duty of an agent?:
- Agents have the fiduciary duty of the reasonable care to their client.
- The duty of confidentiality requires that the agent not disclose the maximum price the buyer is willing to pay.
- The agent is required to present to the seller all offers from the buyer, even if the agent believes the seller will not accept the offer.
- all of the above
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